中银证券，大动作！

Core Viewpoint - China Securities plans to invest 1.4 billion RMB to increase the registered capital of its wholly-owned subsidiary, China International Investment, from 600 million RMB to 2 billion RMB [3]. Group 1: Company Overview - China International Investment primarily engages in private equity investment fund operations and has invested in 23 funds and enterprises, with 15 still in operation [8]. - As of December 31, 2024, China International Investment reported total assets of 910.55 million RMB, which slightly increased to approximately 914.68 million RMB by the first quarter of 2025 [11]. Group 2: Financial Performance - The company reported a revenue of 23.01 million RMB and a net profit of 9.36 million RMB for the year 2024, with the first quarter of 2025 showing a revenue of 6.21 million RMB [10][11]. - The revenue model for the brokerage's private equity subsidiary is primarily based on management fees from fund sizes and performance-based compensation from excess returns [10]. Group 3: Strategic Implications - The increase in capital is seen as a move based on the subsidiary's stable profitability and the intention to allocate resources towards this business [11]. - The private equity subsidiaries of brokerages are expected to play a larger role in supporting key sectors such as technology innovation and high-end manufacturing, as well as serving small and medium-sized enterprises [11]. Group 4: Recent Developments - On August 18, Chengdu Zhongke Zhuoer Intelligent Technology Group announced the completion of a Series B funding round, led by China International Investment, which will focus on funding core process research and development for semiconductor photolithography quartz mask substrates [12].